Bitcoin Miladys enable transformation of Ethereum NFTs into the Bitcoin network

taketonews

• Bitcoin ordinals increasingly popular
• Burn-and-Mint: Transaction from Ethereum NFTs to Bitcoin Ordinals
• Bitcoin Miladys can change the NFT landscape

Bitcoin ordinals are still quite young, only since the beginning of the year can NFTs be written using the so-called inscriptions technology on the main Bitcoin network. The Satoshis (smallest original unit of Bitcoin) can be identified, transmitted and traced via a serial number. With inscriptions, each Satoshi can be provided with images, texts or videos and be committed to the main network by mining. Ordinal-capable bitcoin wallets or online ordinal viewers are required for reading.

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The Bitcoin NFTs can now also be traded on Binance. The world’s largest crypto exchange wants to expand its range and increase the choice for customers. Bitcoin NFTs can be traded directly through the Binance accounts and without an additional wallet.

Bitcoin Miladys: Converting Ethereum-based NFTs to Bitcoin Ordinals

In collaboration with NFT marketplace Ordinals Market and bitcoin wallet Xverse, bitcoin-based offshoot of popular NFT collection Bitcoin Miladys has announced the launch of a bridge that allows holders of Ethereum-based NFTS to sell their digital artworks via the Ordinals -Protocol to migrate to the main bitcoin network. The BRC-721E token standard aims to allow traders to convert their ERC-721 NFTs into BRC-721E tokens on satoshis on the Bitcoin network.

The transaction process from Ethereum NFTs to Bitcoin Ordinals follows the so-called “burn-and-mint” feature: according to Ordinals Market’s homepage, they act as a single on-chain enrollment request (“one-way trip”) and can be analyzed by anyone to to find non-enrolled tokens. The tokens then appear on a custom Ordinals Market page and contain full metadata. The original Ethereum ETF is eventually sent to an unreachable burn address and thus destroyed.

After the wave of bankruptcies among bitcoin mining companies, the fees for bitcoin ordinals offer miners a profitable business again, according to BTC ECHO. However, the sometimes horrendous costs of up to 30 US dollars for a Bitcoin transaction borne by users at the beginning of May also drew critics into action. In the meantime, however, the fees have fallen drastically again. Scaling issues that have been present on the chain at times have historically emerged during hype times on both Ethereum and Bitcoin networks.

Bitcoin NFTs increasingly popular

The growth of Bitcoin Ordinals is currently enormous, according to data from Dune Analytics, the number of inscriptions exceeded the eleven million mark. In terms of trading volume, the “Uncategorized Ordinals” on Bitcoin temporarily ranked second, behind the “Bored Ape Yacht Club”. However, they then fell back a few places (as of June 7, 2023). The Bitcoin network thus beats numerous Ethereum, Solana and Polygon blockchain projects by far.

So it could be interesting for users to transfer their NFTs to the Ordinals protocol in spite of the risks in the migration method – such as the loss of license rights to the Ethereum NFT – as happened with a Bored Ape worth 169,000 US dollars to capitalize on the rising popularity of the bitcoin network. For example, NFT LATELY believes that “Bitcoin Miladys has the potential to transform the NFT landscape by providing an unprecedented migration solution and opening up new and exciting opportunities.”

Editorial office finanzen.net

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